Its Investor Crunch Time
By Richard Dolan
Now that we’ve entered the new year, its quite appropriate to stop and take stock of two things:
- What youve accomplished to date
- Where you fell short
By doing this you can re-contextualize for yourself what you are doing in real estate, and how you can recommit yourself to getting whatever you set out to do done.
Recently I received a quote from a good friend of mine that rings very true in this context. My friend shared this quote after attending a workshop led by leadership pioneer Werner Erhard who said: It is important that you get clear for yourself that your only access to impacting life is action. The world does not care what you intend, how committed you are, how you feel or what you think, and certainly it has no interest in what you want and dont want. Take a look at life as it is lived and see for yourself that the world only moves for you when you act.
When I heard this quote what resonated with me were the words when you act. I was left wondering, Am I in action with the things I am committed to or am I merely in reaction to things that just come up? As a committed person looking to always live consistently with the values of the REIN Life (a life without financial compromise through real estate investing), I realized that evaluating and re-evaluating where I am is the cornerstone for peak personal performance. For that reason, Ive taken the liberty in preparing a FIVE STEP CRUNCH PLAN that will help you accomplish whatever it is that you deem important for yourself to complete.
STEP ONE: To kick things off, you should first ask yourself, What experience do I want before the year is done?
The experience doesnt have to be all about real estate investing. Perhaps its paying off a debt? Helping a friend or relative? Going on a vacation? Or buying something youve always wanted and couldn’t afford or justify buying? Whatever it is, looking to achieve something, anything, regardless of how small or significant you think it is, is important. After all, without a bulls-eye, theres no purpose in firing an arrow.
STEP TWO: Next, ask yourself, What is stopping me from persevering?
Recently a fellow REIN Member contacted me for some coaching, in particular in regards to dealing with a backlog of tax reporting arrears. From the outset, it seemed like a daunting task. The backlog was not only haunting this member, it was an anchor for him. There was no way he could build a portfolio with this on his shoulders. We devised a plan, connected with professionals, and he prepared an approach that not only handled all that needed to be handled, it freed his mind up from suppressing the overwhelming feeling that he wasnt getting done what really needed to be dealt with. Now hes working with investors, joint venture partners and is about to apply for a mortgage for the first time in years.
The lesson to be learned here is to consider leaning into the toughest thing youve got going on right now because it could in fact unleash your greatest potential.
STEP THREE: Then, ask yourself, What does my world look like for the next 30 days?
What changes do you need to make in your environment to make what you need to achieve possible? For example, if youre trying to lose some weight and decided to make the prudent choice of eliminating sugar from your life for a while, what would you do with all the things in your home that contained sugar? Store it? Donate it? Throw it away? Why be tempted? Remove the distraction and clean up your environment. Make it conducive to the accomplishment youre setting out to achieve. For example, if you are:
- Focusing on getting rid of a debt: Consider locking up your credit cards or placing a temporary freeze on them.
- Focused on making some additional money: Consider tracking where you are spending your money including everything from gas, to food, to leisure and the like. When you are aware of where your money is going, you are better able to identify areas to save in.
- Focused on getting a real estate deal done: Remove the extracurricular things and distractions that will rob you of your crucial spare time. This includes everything from watching television shows, long dinners out, sleeping in, or excessive time online. Being a real estate investor requires time, especially if youve got a full time job and kids already, so spend your time wisely!
STEP FOUR: You also need to ask yourself, What can I do right now that is measurable?
Be sure to keep a journal the moment you select a task to handle. This will allow you to spend ten minutes at the end of each day addressing the following:
- Did I get done what I set out to get done today relative to what can be done in the time I had today?
- The proof of that fact is evident by the following phone calls, emails or meetings I concluded (list them)
- I measurably know that these things that were done have accounted for X% of the total required tasks to accomplish the outcome Ive committed to.
Taking a daily inventory of what youve accomplished is a taxing task in itself. I know it is not sustainable over a long period of time but in the absence of an accountability-partner or mentor keeping you accountable, keeping a journal is critical. If you have an accountability partner or mentor in your life, then youre in luck, as this is precisely what they should be doing with you on a daily or weekly basis. If you would like one, I would consider connecting with a Real Estate Investment Advisor (REIA) at REIN.
STEP FIVE: Finally, you need to ask yourself, How can I celebrate the accomplishment, no matter how small or insignificant, and who will be joining me?
Announcing a party, a deadline or expectation of yourself to family and friends is the perfect back-stop to you getting the task completed. For example, if you want to lose ten pounds, post a picture of yourself now on Facebook and state a deadline by when youll do so. Its easier to party with friends and raise a toast in honor of an accomplishment than avoiding them, and weaving up excuses as to why you didnt accomplish what you said you would.
Richard Dolan is the President of REIN and the resident expert on Performance for real estate investors and professionals. Addicted to producing results, Richard is an expert on raising funds, building brand and strategy with one aim: to produce competitive immunity. Reach Richard at Richard@reincanada.com.